THE ACIT, CIRCLE-1(1), ERNAKULAM, ERNAKULAM vs. SRI.E.M.PAUL, EDAKATTUKUDIYIL, KOTHAMANGALAM

In the result, the appeal of the assessee is partly allowed and the appeals

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

gains on transfer of land to the firm. This amount was credited in the P & L A/c. by adopting the value of land of 87.990 cents at Rs.2,75,00,000/- as per the Partnership Deed dated 14.8.1998 and reducing there-from the book value of the land of Rs.2,08,535/-. The return was also accompanied by a Balance

THEACIT, CIR-1(1),EKM, ERNAKULAM vs. SRI.E.M.JOHNY, KOTHAMANGALAM

In the result, the appeal of the assessee is partly allowed and the appeals